Senator Barack Obama has been developing his wealth redistribution philosophy for many years. The premise is to overtax the wealthy overachieving upper class, contending that this is money they can afford to part with, and pass it on in many forms to the lower and lower middle class. If this isn’t bad enough, lately the annual income threshold at which his extreme taxation plan begins has been getting lower and lower - $250K to $200K and even as low as $150K according to Sen Joe Biden the other day - and they aren’t even in office yet.
When you succinctly think about it, the concept really makes little sense. It takes from the ones who are providing the jobs and gives to the ones who are low income to no income earners. Why would you provide a disincentive to the job creators and provide incentive to the underachieving ethic of the low income earners to stay where they are because they can receive more for doing less, if they do? It’s, obviously, not to help these individuals. It is, however, to control their behavior and repress them into believing that the government is their be all and end all - a malignant legacy they can pass to their children. This is liberalism at it’s finest, albeit morphing into a socialist to marxist economic policy.
Proceeding with such an ecomomic farce in a recessionary period, in particular, is akin to throwing gasoline onto a fire. During a time when history has shown you reduce the taxes on the wealthy so they have available capital to invest in the economy, as well as produce jobs & enable higher wages for productive employees, Obama professes the opposite. Instead of proven “trickle down growth” economic policies such as those implemented by the Reagan Administration which brought us from the dark days of the high taxation Carter years into the longest period of economic growth in U.S. history, Obama touts a “trickle up poverty” (coined by Michael Savage of Savage Nation fame) approach which will inevitably lead us from recession to a full-blown depression.
Here’s a short audio from a Chicago talk radio program that Obama did back in 2001 where he relates the tenets of his radical wealth redistribution philosophy…
